MDC

Listed Company · HNX

Price

10,400

Latest close

03 Apr 2026

P/E 6.9x

EPS (TTM) 1,511

ROE (TTM) 9.9%

P/B 0.7x

BVPS (Latest) 14,819

ROA (TTM) 2.8%

What Is Changing

MDC no longer looks like a business simply rebounding from a weak base. Revenue posted +1.6% YoY, while net margin reached 1.20% with an additional -0.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 39bps to 1.20% in 2025.
Net Income fell to a multi-period low at VND 31.9bn in 2025.
Revenue growth accelerated to 1.6% in 2025, up 4.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	2,653.0	2,612.4	2,697.4	2,801.5	2,323.8
Growth	+2%	-3%	-4%	+21%	—
Net Income	31.9	53.3	53.0	89.6	37.1
Net Margin	1.20%	2.04%	1.96%	3.20%	1.60%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	605.8	582.6	731.3	733.7	814.2	527.5	646.8	623.7	657.5	570.5	743.1	664.9
Growth	+4%	-20%	-0%	-10%	+54%	-18%	+4%	-5%	+15%	-23%	+12%	—
Net Income	12.9	4.9	7.3	7.3	18.9	8.9	12.8	12.8	14.1	9.5	15.0	14.0
Net Margin	2.12%	0.84%	1.00%	1.00%	2.33%	1.69%	1.99%	2.06%	2.15%	1.67%	2.03%	2.11%

Financial Statements

Profitability

Net margin reached 1.20% while Revenue posted +1.6% YoY.

Balance Sheet

Inventory stood at 62.5bn, liabilities at 828.5bn, and equity at 316.9bn.

Cash Flow

Operating cash flow was 138.7bn in 2025, while investing cash flow was -175.0bn.

Financing cash flow: 35.3bn.

Item	2025	2024	2023	2022	2021
Revenue	2,653.0	2,612.4	2,697.4	2,801.5	2,323.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,653.0	2,612.4	2,697.4	2,801.5	2,323.8
Cost of Goods Sold	2,411.3	2,339.2	2,434.3	2,496.2	0.0
Gross Profit	241.7	273.1	263.1	305.3	212.2
Financial Income	0.6	0.9	0.9	0.8	0.8
Financial Expenses	15.8	18.1	28.9	34.2	-37.5
Interest Expense	15.8	18.1	28.9	34.2	-37.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.1	13.4	18.4	20.7	-15.4
General and Administrative Expenses	169.0	173.3	150.1	138.2	-118.5
Operating Profit	39.4	69.2	66.6	113.0	41.6
Other Income	1.3	2.2	1.4	2.6	0.0
Other Expenses	0.3	0.7	0.5	0.3	0.0
Other Profit	1.0	1.5	0.9	2.3	1.5
Profit Before Tax	40.4	70.7	67.4	115.3	43.1
Current Income Tax Expense	0.1	17.4	14.5	88.7	-6.0
Deferred Income Tax Expense	8.4	0.0	0.0	-63.0	0.0
Net Income	31.9	53.3	53.0	89.6	37.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	31.9	53.3	53.0	89.6	37.1
Earnings per Share	1,490.00	2,490.00	2,473.00	4,185.00	1,733.00
Diluted EPS	1,489.96	2,489.77	2,472.53	4,185.01	1,732.45

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	393.0	489.7	429.4	758.3	313.9
I. Cash and cash equivalents	1.8	2.8	3.2	4.6	4.4
1. Cash	1.8	2.8	3.2	4.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	277.2	410.5	331.7	626.5	148.3
1. Short-term trade accounts receivable	247.0	401.0	302.4	585.7	0.0
2. Short-term prepayments to suppliers	29.6	4.2	11.7	7.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.2	19.5	18.2	33.7	0.0
7. Provision for short-term doubtful debts (*)	-13.7	-14.2	-0.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	62.5	53.1	58.3	63.3	31.5
1. Inventories	62.5	53.1	58.3	63.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	51.6	23.3	36.3	64.0	129.7
1. Short-term prepayments	38.2	17.8	31.4	57.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	13.4	5.6	4.9	6.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	752.5	696.5	669.2	687.0	882.1
I. Long-term receivables	20.4	20.9	23.9	9.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.7
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	20.4	20.9	23.9	9.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	537.7	481.9	488.7	512.1	551.2
1. Tangible fixed assets	537.2	481.6	488.4	512.1	551.2
- Cost	2,381.2	2,247.0	2,193.5	2,147.5	0.0
- Accumulated depreciation	-1,844.0	-1,765.4	-1,705.2	-1,635.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.2	0.4	0.0	0.0
- Cost	1.8	1.3	1.3	0.9	0.0
- Accumulated depreciation	-1.3	-1.1	-1.0	-0.9	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	28.6	33.0	1.0	9.5	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	28.6	33.0	1.0	9.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	165.8	160.7	155.6	156.3	0.0
1. Long-term prepayments	111.2	97.7	92.6	93.3	0.0
2. Deferred income tax assets	54.6	63.0	63.0	63.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	319.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,145.5	1,186.2	1,098.6	1,445.3	1,196.0
A. LIABILITIES (300=210+330)	828.5	847.9	760.6	1,130.6	928.2
I. Short -term liabilities	612.4	707.9	628.5	867.2	613.9
1. Short-term trade accounts payable	178.3	175.1	141.3	262.0	280.8
2. Short-term advances from customers	—	0.0	0.7	0.0	0.0
3. Taxes and other payables to state authorities	21.1	49.0	32.0	164.5	0.0
4. Payable to employees	134.2	187.2	160.3	132.0	0.0
5. Short-term acrrued expenses	2.3	2.2	8.8	6.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	5.2	6.0	3.8	4.7	0.0
10. Short-term borrowings and financial leases	251.4	269.8	276.4	290.3	188.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	19.8	18.7	5.1	7.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	216.2	139.9	132.1	263.4	314.4
1. Long-term trade payables	14.5	6.4	12.8	10.8	20.8
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.2	0.0
8. Long-term borrowings and financial leases	201.1	132.6	117.7	250.0	290.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.6	0.9	1.6	2.4	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	316.9	338.3	338.0	314.7	267.8
I. Owner's equity	316.9	338.3	338.0	314.7	0.0
1. Owner's capital	214.2	214.2	214.2	214.2	267.8
- Common stock with voting right	214.2	214.2	214.2	214.2	214.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	7.8	7.8	7.8	7.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	94.9	116.3	116.0	92.7	49.7
- Accumulated retained earning at the end of the previous period	63.0	63.0	63.0	3.1	12.9
- Undistributed earnings in this period	31.9	53.3	53.0	89.6	36.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,145.5	1,186.2	1,098.6	1,445.3	1,196.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.4	70.7	67.4	115.3	42.7
Depreciation of Fixed Assets and Investment Property	101.1	96.3	85.7	96.6	132.8
Provision (Increase)/Reversal	-0.8	12.9	-0.1	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.6	-2.3	-1.7	-1.6	0.0
Interest Expense	15.8	18.1	28.9	34.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	154.8	195.6	180.1	244.2	215.5
Increase/(Decrease) in Receivables	139.0	-83.7	272.6	-482.7	0.0
Increase/(Decrease) in Inventory	-9.4	5.2	5.0	-29.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-45.1	60.2	-138.3	70.7	0.0
Increase/(Decrease) in Prepaid Expenses	-33.8	8.4	27.2	294.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-15.8	-18.1	-28.9	-34.2	0.0
Corporate Income Tax Paid	-13.8	-12.0	-93.8	-5.3	0.0
Other Operating Receipts	—	4.3	0.8	0.0	0.0
Other Operating Payments	-37.2	-28.5	-17.4	-20.7	0.0
Net Cash Flow from Operating Activities	138.7	131.5	207.3	37.0	279.2
Payments for Fixed Assets and Other Long-term Assets	-176.6	-127.5	-49.3	-85.3	-112.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	1.5	0.9	0.8	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	0.9	0.9	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-175.0	-125.1	-47.6	-84.4	-111.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	436.5	556.3	657.9	641.5	816.9
Repayment of Borrowings	-386.3	-548.1	-804.1	-579.9	-978.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.9	-14.9	-14.9	-13.9	-4.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	35.3	-6.7	-161.1	47.7	-166.1
Net Cash Flow During the Period	-1.0	-0.4	-1.4	0.2	2.2
Cash and Cash Equivalents at Beginning of Period	2.8	3.2	4.6	4.3	3.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.8	2.8	3.2	4.6	4.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	605.8	582.6	731.3	733.7	814.2	527.5	646.8	623.7	657.5	570.5	743.1	664.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	605.8	582.6	731.3	733.7	814.2	527.5	646.8	623.7	657.5	570.5	743.1	664.9
Cost of Goods Sold	536.4	539.0	668.8	667.0	708.5	477.4	589.5	563.3	590.4	512.0	679.5	596.1
Gross Profit	69.4	43.6	62.5	66.7	105.7	50.0	57.3	60.4	67.1	58.5	63.6	68.8
Financial Income	0.3	0.0	0.3	0.0	0.4	0.0	0.4	0.0	0.4	0.0	0.4	0.0
Financial Expenses	4.2	3.4	3.7	4.6	4.6	4.0	3.9	5.6	5.9	6.3	5.6	11.0
Interest Expense	4.2	3.4	3.7	4.6	4.6	4.0	3.9	5.6	5.9	6.3	5.6	11.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.9	4.7	4.4	4.0	3.9	3.0	2.6	4.0	4.5	4.8	4.5	4.2
General and Administrative Expenses	46.3	29.5	45.5	48.9	70.9	32.0	35.3	35.2	38.7	35.8	34.4	36.5
Operating Profit	14.2	6.0	9.2	9.1	26.7	11.0	16.0	15.7	18.3	11.6	19.5	17.0
Other Income	2.1	0.2	0.2	0.1	1.1	0.2	0.1	0.7	0.5	-0.6	0.8	0.5
Other Expenses	0.2	0.1	0.1	0.1	0.4	0.0	0.1	0.1	0.1	-0.8	1.2	0.0
Other Profit	2.0	0.1	0.2	0.1	0.6	0.2	0.1	0.6	0.4	0.2	-0.4	0.5
Profit Before Tax	16.2	6.1	9.3	9.2	27.4	11.2	16.1	16.3	18.7	11.8	19.1	17.5
Current Income Tax Expense	3.3	1.3	2.0	1.9	8.4	2.3	3.2	3.5	4.6	2.2	4.1	3.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.9	4.9	7.3	7.3	18.9	8.9	12.8	12.8	14.1	9.5	15.0	14.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.9	4.9	7.3	7.3	18.9	8.9	12.8	12.8	14.1	9.5	15.0	14.0
Earnings per Share	601.00	227.00	342.00	341.00	884.00	416.00	600.00	599.00	659.00	446.00	703.00	655.00
Diluted EPS	600.79	227.34	342.27	341.36	883.87	416.10	599.57	598.69	659.38	445.71	702.62	654.81

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	388.0	312.7	496.1	379.3	489.4	354.2	408.5	368.2	375.6	355.5	315.3	336.6
I. Cash and cash equivalents	1.8	2.7	6.3	4.3	2.8	76.9	4.9	4.9	3.2	5.9	4.0	5.3
1. Cash	1.8	2.7	6.3	4.3	2.8	76.9	4.9	4.9	3.2	5.9	4.0	5.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	277.7	223.1	378.5	293.4	410.3	157.5	313.4	269.2	278.6	236.8	220.4	224.8
1. Short-term trade accounts receivable	247.6	184.6	369.7	286.4	400.8	122.7	290.8	245.2	235.2	194.5	184.3	186.0
2. Short-term prepayments to suppliers	29.6	34.2	5.4	1.6	4.2	13.8	1.8	6.4	11.7	10.0	4.7	5.5
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.2	18.2	17.6	19.6	19.5	21.5	21.5	18.2	32.2	32.9	32.2	33.3
7. Provision for short-term doubtful debts (*)	-13.7	-13.9	-14.2	-14.2	-14.2	-0.5	-0.6	-0.6	-0.6	-0.6	-0.8	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	62.5	68.8	96.2	65.8	53.0	79.0	56.9	64.3	57.6	63.3	54.1	59.6
1. Inventories	62.5	68.8	96.2	65.8	53.0	79.0	56.9	64.3	57.6	63.3	54.1	59.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	46.0	18.1	15.1	15.9	23.3	40.8	33.4	29.9	36.2	49.5	36.8	46.9
1. Short-term prepayments	38.2	18.1	15.1	12.5	17.8	40.5	30.0	28.1	31.4	49.5	36.8	46.9
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	7.8	0.0	0.0	3.4	5.6	0.3	3.4	1.8	4.8	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	760.7	655.4	645.2	682.7	696.5	661.3	670.8	677.8	655.2	645.0	664.5	678.3
I. Long-term receivables	20.4	14.7	14.7	21.5	20.9	20.9	20.9	24.5	9.9	9.8	9.8	9.6
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	20.4	14.7	14.7	21.5	20.9	20.9	20.9	24.5	9.9	9.8	9.8	9.6
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	537.5	457.8	481.2	503.2	481.9	500.5	494.9	468.4	488.7	488.0	495.1	502.0
1. Tangible fixed assets	537.1	457.3	481.0	503.0	481.6	500.2	494.6	468.1	488.4	488.0	495.1	502.0
- Cost	—	—	—	—	2,247.0	2,242.1	2,231.6	2,180.3	2,193.5	2,188.2	2,174.2	2,159.2
- Accumulated depreciation	—	—	—	—	-1,765.4	-1,741.9	-1,737.1	-1,712.2	-1,705.2	-1,700.2	-1,679.1	-1,657.3
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.5	0.1	0.2	0.2	0.3	0.3	0.3	0.4	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	28.6	28.2	2.9	4.1	33.0	1.8	11.6	35.0	1.0	4.1	13.5	16.3
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	28.6	28.2	2.9	4.1	33.0	1.8	11.6	35.0	1.0	4.1	13.5	16.3
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	174.2	154.6	146.4	153.9	160.7	138.1	143.4	149.9	155.6	143.1	146.1	150.4
1. Long-term prepayments	111.2	91.6	83.4	90.9	97.7	75.1	80.4	86.9	92.6	80.1	83.1	87.4
2. Deferred income tax assets	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,148.7	968.0	1,141.3	1,062.0	1,185.9	1,015.4	1,079.3	1,046.0	1,030.8	1,000.4	979.8	1,014.9
A. LIABILITIES (300=210+330)	831.3	663.5	841.6	716.4	847.4	695.8	768.6	733.7	693.0	676.8	665.7	715.9
I. Short -term liabilities	615.1	501.6	705.2	482.8	707.4	561.2	642.6	593.5	560.9	549.0	516.1	485.1
1. Short-term trade accounts payable	178.3	242.6	264.6	163.8	175.1	237.5	237.2	190.7	141.3	103.9	113.3	173.4
2. Short-term advances from customers	—	—	—	0.5	0.0	0.0	0.0	0.0	0.7	0.0	0.0	0.9
3. Taxes and other payables to state authorities	24.0	15.2	34.0	40.5	48.5	20.8	32.3	30.1	20.4	32.3	39.4	45.4
4. Payable to employees	134.1	104.1	126.6	95.0	187.2	90.3	79.4	51.7	111.4	77.6	70.0	57.6
5. Short-term acrrued expenses	2.3	3.0	2.1	2.3	2.2	0.0	0.0	0.0	2.1	0.0	9.2	36.8
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.2	4.8	19.5	4.0	6.0	5.5	4.6	5.6	3.5	6.1	21.2	21.4
10. Short-term borrowings and financial leases	251.4	67.1	108.5	169.6	269.8	183.6	216.3	243.4	276.4	268.5	178.4	102.6
11. Provision for short-term liabilities	—	36.3	114.3	—	0.0	0.0	40.3	35.2	0.0	51.7	70.7	29.1
12.. Bonus and welfare fund	19.8	28.6	35.7	7.0	18.7	23.5	32.6	36.9	5.1	8.8	13.8	17.9
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	216.2	161.9	136.4	233.6	139.9	134.6	126.0	140.2	132.1	127.8	149.6	230.7
1. Long-term trade payables	14.5	12.4	10.3	8.1	6.4	14.2	13.4	12.0	12.8	11.2	12.8	9.3
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2
8. Long-term borrowings and financial leases	201.1	148.6	125.1	128.7	132.6	118.8	110.9	126.5	117.7	114.2	134.2	218.8
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.6	0.9	0.9	96.8	0.9	1.6	1.6	1.6	1.6	2.4	2.4	2.4
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	317.4	304.5	299.7	345.6	338.5	319.6	310.7	312.3	337.8	323.6	314.1	299.0
I. Owner's equity	317.4	304.5	299.7	345.6	338.5	319.6	310.7	312.3	337.8	323.6	314.1	299.0
1. Owner's capital	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2
- Common stock with voting right	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	95.4	82.5	77.6	123.6	116.5	97.6	88.7	90.3	115.7	101.6	92.1	77.0
- Accumulated retained earning at the end of the previous period	63.0	63.0	63.0	116.3	63.0	63.0	63.0	77.5	63.0	63.0	63.0	63.0
- Undistributed earnings in this period	32.4	19.5	14.6	7.3	53.5	34.6	25.7	12.8	52.7	38.6	29.1	14.0
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,148.7	968.0	1,141.3	1,062.0	1,185.9	1,015.4	1,079.3	1,046.0	1,030.8	1,000.4	979.8	1,014.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	15.7	6.1	9.3	9.2	27.4	11.2	16.1	16.3	19.0	11.8	19.1	17.5
Depreciation of Fixed Assets and Investment Property	25.7	25.0	25.5	24.8	43.9	4.8	24.9	22.6	20.9	21.1	21.8	21.9
Provision (Increase)/Reversal	-36.8	-78.3	18.4	95.9	13.7	-40.4	5.1	35.2	-52.4	-28.3	51.5	29.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.3	-0.0	-0.3	-0.0	-1.3	0.6	-1.0	-0.0	-1.3	-0.0	-0.4	-0.0
Interest Expense	4.1	3.4	3.7	4.6	4.6	4.0	3.9	5.6	5.9	6.3	5.6	11.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.4	-43.8	56.7	134.5	88.3	-19.7	48.9	79.7	-7.9	10.8	97.6	79.5
Increase/(Decrease) in Receivables	-60.4	159.4	-78.7	118.7	-272.0	167.9	-52.5	66.8	-122.0	-16.2	3.5	407.3
Increase/(Decrease) in Inventory	6.3	27.4	-30.4	-12.7	26.0	-22.1	7.4	-6.0	5.0	-9.1	5.5	3.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-31.7	-48.2	142.7	-107.9	40.8	20.9	78.1	-90.8	134.1	-16.9	-82.3	-173.2
Increase/(Decrease) in Prepaid Expenses	-39.7	-11.1	4.9	12.2	0.1	-5.2	4.5	9.0	5.7	-9.8	14.5	16.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.1	-3.4	-3.7	-4.6	-4.6	-4.0	-3.9	-5.6	-5.9	-6.3	-5.6	-11.0
Corporate Income Tax Paid	-1.3	-2.0	-2.0	-8.5	-2.5	-2.0	-3.5	-4.0	-4.0	-3.3	-2.0	-84.5
Other Operating Receipts	—	—	—	—	3.6	2.5	0.1	0.1	0.8	0.0	0.0	0.0
Other Operating Payments	-9.3	-5.9	-9.9	-12.1	-4.2	-7.7	-3.9	-6.8	-2.2	-7.3	-4.1	-3.7
Net Cash Flow from Operating Activities	-142.2	81.1	79.9	119.9	-124.6	130.6	75.3	42.4	3.5	-58.1	27.1	234.8
Payments for Fixed Assets and Other Long-term Assets	-87.1	-61.6	-13.5	-14.4	-50.8	-42.9	-18.7	-16.5	-4.5	-9.7	-20.0	-15.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	—	—	—	0.9	-0.6	0.6	0.0	0.9	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.0	0.3	0.0	0.4	0.0	0.4	0.0	0.8	-0.4	0.4	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-85.8	-61.6	-13.2	-14.4	-49.5	-43.5	-17.7	-16.5	-2.8	-10.1	-19.6	-15.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	-326.4	326.4	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	255.8	44.9	54.9	81.0	556.3	-220.5	98.0	122.5	149.4	115.5	216.2	176.7
Repayment of Borrowings	-18.9	-62.8	-119.6	-185.0	-130.0	-130.7	-140.8	-146.6	-138.0	-45.5	-225.0	-395.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-9.8	-5.1	-0.0	-0.0	-0.0	9.7	-14.9	-0.0	-14.9	0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	227.1	-23.1	-64.7	-104.0	99.9	-15.1	-57.7	-24.2	-3.5	70.1	-8.8	-218.9
Net Cash Flow During the Period	-0.9	-3.6	2.0	1.5	-74.2	72.1	-0.0	1.7	-2.8	1.9	-1.3	0.8
Cash and Cash Equivalents at Beginning of Period	2.7	6.3	4.3	2.8	3.2	3.2	3.2	3.2	4.6	4.6	4.6	4.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.8	2.7	6.3	4.3	2.8	76.9	4.9	4.9	3.2	5.9	4.0	5.3

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